Vladimir Putin threatened on Tuesday to stop implementing global trade rules it had already signed up to unless the US agreed to Russian entry to the World Trade Organisation.

But two of the Russian president’s senior officials said they were still hopeful agreement with the US could be reached in time for next week’s Group of Eight summit in St Petersburg.

Agreement between the two countries would remove the last main obstacle to Russian membership of the 149-member trade body and could give Russia a breakthrough to announce at the summit on July 15-17.

A deal has been held up over US demands for Moscow to allow foreign banks to open directly owned branches, rather than having to set up Russian subsidiaries. Russia says it had security concerns about foreign banks. The US has also said Russia must clamp down on video and software piracy.

A WTO deal could clear the way for Gazprom, the Russian gas giant, to announce the go-ahead for development of the massive Shtokman gas field in the Barents Sea, and which of the five shortlisted foreign oil companies – including two US groups – it has chosen as its partners.

While the US and Russia have denied any specific link, Russia is thought to have delayed announcing the Shtokman partners until it is sure of entry into the global trade body.

In what some analysts saw as a tactic to put pressure on the US, Mr Putin took an aggressive line on Monday. “If for some reason we don’t manage to reach agreement, we will withdraw from those obligations that we have not only approved but which, even before entering the organisation, we are already fulfilling,” he told a meeting with leaders of the International Chamber of Commerce.